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News for Members

01 October 2016

FCA Proposes New Measures to Maintain Firms’ Focus on Culture

In December 2015 the CCA published an article on our website about the FCA's new framework which aims to reinforce the importance of individual accountability at the most senior levels of organisations.  At this time the framework is only relevant to Banks, Building Societies and Credit Unions but in 2018 it will be extended to include all sectors in the financial services industry, including the home credit sector.

It is now six months since the implementation of the FCA's Senior Managers' and Certification Regimes which form the foundations of a framework. The FCA has published feedback on the implementation so far and details of its proposed measures to further strengthen the regime.  The organisation has also confirmed its final rules on regulatory references which aim to clarify the information that firms are required to share with one another as part of the recruitment process for key roles.

Consultation papers have also been initiated covering the following:

• Guidance for Senior Managers on the 'Duty of Responsibility'

• A new requirement for UK branches of overseas banks to tell their UK based employees about the whistleblowing services offered by the FCA and the PRA

• Extending the conduct rules to all non-executive directors of banks and insurers

A discussion on how those heading up the legal function in firms should be treated under the Senior Managers and Certification Regime has also been launched. 

To access the feedback on the implementation so far and details of the FCA's discussion and consultation papers, visit the FCA's website.

CCA News

CCA News - January 2015 cover

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